The latest round of EU sanctions against Russia is designed "to hurt Russia more than it hurts us", according to the foreign secretary Philip Hammond. With trade between Europe and Russia worth 10 times more than US trade with Russia, European Union leaders are treading a fine line between sanctions that will influence Moscow while not damaging their own economies – many of which are still emerging from the eurozone crisis.

The latest sanctions are more sweeping than previous ones, and target whole sections of the Russian economy – not just individuals and companies.

On Thursday the EU will publish full details of the sanctions, which include:

• A ban on Russian state-owned banks' access to western capital markets

• An arms embargo and ban on the sale of any "dual-use" technology destined for use by the Russian military

• Restrictions on the export of hi-tech oil-production machinery, with a total ban on equipment destined for deep water, Arctic or shale production.

Washington has also blocked three Russian state-owned banks from US capital markets, as part of a package of measures Barack Obama said would impose growing costs on Russia. But Hammond also acknowledged: "It would be absurd to suggest that we can impose wide-ranging sanctions on the Russian economy without also having some impact on ourselves." Both sides will be watching closely to see which is hurting the most. Below are the industries targeted and the pain factor for each side on a scale of 1-5, with 5 the most painful.

Banking

Denying Russian banks access to the moneylenders of New York, London and other western financial capitals could eventually tip the country's struggling economy into full-blown recession. The EU has banned banks and companies registered on its territory from buying or selling bonds issued by Russia's state-owned banks or their subsidiaries. The US has put Russia's second-largest bank, VTB, the Russian Agricultural Bank and the Bank of Moscow on its banned list. But Russia's largest bank, Sberbank, has not been included, raising fears that loopholes and exclusions may weaken the impact of the sanctions.

US banks have been less generous funders of Russia in the past: European banks had lent Russian institutions around $155bn (£92bn) at the end of March, according to the most recent figures available from the Switzerland-based Bank for International Settlements.

Excluding Russian state banks from international finance would not trigger instant collapse, but the measures are certain to increase capital flight, increase pressure on the rouble and put any investment plans into the deep freeze. So far, the Russian Central Bank has vowed to stand by its banks and take "necessary, adequate measures" to protect depositors and customers.

The City of London is often seen as the main loser from any attempt to freeze Russia out of the financial system but only 1% of its earnings come from Russia. Austria's Raiffeisen Bank, which has a large retail banking operation in Russia, is more exposed, with France's Société Générale in second place.

Pain factor: Russia 4, west 1

Energy

The big western energy firms are heavily involved in Russia, which produces 10.5m barrels of oil a day and is the world's third-largest producer. BP, which has a 20% stake in Kremlin-controlled Rosneft, has already warned it could see damage to its business and reputation from dealing with Russia. Even while the conflict in east Ukraine was raging, BP and Rosneft struck a deal to exploit potential shale reserves in the Urals in May. A company spokesman said he could not comment on how the EU's export ban would affect this deal until BP had seen the full EU sanctions list.

ExxonMobil, Statoil and Shell, which also hope to profit from Russia's hydrocarbon riches, are likely to be caught out by sanctions. But the biggest cost is likely to fall on Russia, which is in desperate need of western cash and know-how to modernise its antiquated refineries and leaky pipelines. In 2012, the EU exported £150m in specialist energy technology to Russia, a tiny part of overall exports, suggesting the measure will hurt Europe far less.

The EU sanctions deliberately excluded the gas industry, in a tacit acknowledgement of Europe's dependency on Russian gas. Poland gets more than 80% of its gas from Russia, while the Baltic states and Finland are 100% dependent. But Hungary, which is 80% dependent on Russian gas, could come under increased pressure following a deal it signed with Russia in February to build two nuclear reactors.

Pain factor: Russia 5, west 2

Technology

The ban on dual-use goods, those that have civilian and military applications, could have the biggest impact on Germany, Europe's export powerhouse and the largest EU exporter to Russia. Not only does Germany export machine tools, cars and chemicals to Russia, around 6,000 German companies have a presence in the country. The Committee on Eastern European Economic Relations in Germany estimates that the country's exports to Russia and Ukraine are on course to shrink by €6bn (£4.8bn) in 2014 and claims 25,000 people will lose their jobs if affected firms do not find alternative export markets. But in recent days the lobby group has softened its rhetoric to recognise "the primacy of politics".

While certain companies are heavily exposed, German exports to Russia account for barely 1% of its economic output, while only a small subset of its chemicals industry is expected to fall foul of the dual-use category under the sanctions, according to Capital Economics.

The ban on the EU-Russian arms trade will hit Russia harder than the EU. While Russian arms exports to the EU were worth €3.2bn (£2.5bn) in 2012, the EU's trade was €300m (£237m). The European commission has said only a fraction of the €20m (£15m) dual-use technologies that the EU exports to Russia would fall foul of the ban on military exports.